Global Top Robotics Market: Overview
The surging demand for industrial robots with Internet of Things capabilities is transforming production lines, especially in the automotive and electronic industry. Next generation robots possess human-like attributes such as intelligence, recognition of objects, flexibility, memory, and ability to learn.
Industries implementing robotic technologies receive huge financial benefits due to reduced overheads, flexibility, increased productivity, and waste reduction.
Global Top Robotics Market: Key Trends
The top factor driving the top robotics market for industrial robots is the increasing adoption of automated systems and the rising demand for industrial robots from medium and small-sized enterprises in developing countries. This is because deployment of robotic solutions ensures quality production and caters to meeting market demand in a timely manner. However, factors such as high upfront costs and high R&D expenses and unreliable performance in untested environment and absence of a high level of interface are restraining the market’s growth.
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Amongst industrial robots, articulated robots is expected to be leading product segment owing to their structural and operational capabilities. Articulated robots are extensively used in electrical and electronics, and automotive industries.
On the other hand, the service robotics segment of this market is driven by the increasing demand for mobile robotic solution for warehouse automation and logistics, increasing demand from healthcare industry, and the increasing deployment of service robots for educational pursuits.
Logistics currently holds the dominant position among the application segments of service robotics and is expected to retain its position in the near future. This is mainly due to the deployment of automated guided vehicles in production units and warehousing facilities for inventory management and freight handling.
Global Top Robotics Market: Market Potential
From a leap from robotic vacuum cleaners, butlers, or medical assistants, industrial robots account for the greatest slice of the global robotics market, as per a recent industry news. Unlike the classical industrial robot that were used to carry out repetitive tasks, the next-generation robots are supported by software and peripheral vision systems and can perform varying tasks reliably that matches human capabilities.
Global Top Robotics Market: Regional Outlook
Asia Pacific is the leading regional market for industrial robotics market is led significant revenue contributions from China, Japan, and South Korea. The high concentration of robotic machines in South Korea and Japan to support the expanding electronics industry in these countries is benefitting the industrial robotics market in Asia Pacific. As per statistics of the International Federation of Robotics, Japan is the leading market for industrial robotics trailed by China.
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Moreover, the increasing deployment of automated systems in the automotive industry in Australia is anticipated to positively influence the regional market’s growth. Strong focus on improving production techniques combined with efforts for the modernization of factories for improved productivity is one of the major factors driving robotic installations in the U.S. and Brazil.
Global Top Robotics Market: Competitive Landscape
The key players in the global top robotics market for both industrial and service robots are ABB Ltd., Mitsubishi Electric Corp. FANUC Corp., Yaskawa Electric Corp., iRobot Corporation, Intuitive Surgical Inc., Honda Motor Co. Ltd., Aethon Inc., Lely Holding S.a.r.l., KUKA AG, Nachi-Fujikoshi Corp., Kawasaki Heavy Industries Ltd., Northrop Grumman Corporation, DJI, Parrot SA, Adept Technology Inc., DeLaval International AB, and The LEGO Group.
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Due to being capital-intensive, the industry restricts the entry of new market players in the market. New players are anticipated to face challenges pertaining to insufficient venture capital for innovation and product differentiation, thus limiting their presence in the robotics industry.